Location: Peoria, IL | Metro: Peoria, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
ZIP 61424 in Peoria, IL MSA metro, fits best as a cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the Peoria, IL HUD Metro FMR Area in fiscal year 2024 is $810 for a one-bedroom unit. Given that the median home value in Peoria is $146,000, there is potential for positive cash flow when renting to Section 8 tenants.
The median income for ZIP 61424 is not specified, but it is known that the Peoria MSA has a relatively stable rental market. In March 2026, Peoria home prices were up 8.2% compared to the previous year, with homes selling for a median price of $146,000. However, the median days on market have decreased from 31 to 25 days, indicating a slight improvement in market conditions.
The renter share in ZIP 61424 is 20%, which suggests a moderate demand for rental properties. Although the median home value is not explicitly provided for ZIP 61424, the overall median home value in Peoria is $146,000, which indicates a relatively affordable market.
Given the stability of the rental market and the presence of Section 8 opportunities, ZIP 61424 serves as a reliable cash-flow anchor. It provides consistent income streams through government-backed rental assistance programs, ensuring that the investment remains financially sound even in fluctuating markets.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.